Calculating your profit correctly depends on a multitude of factors, such as making sure your records of income and expense are complete, making sure you don’t forget to include items you’ve bought out of your own personal funds, etc. Another key area to consider when preparing your accounts, and your taxable profit, is the accruals [...]
What you need to know about bank accounts and reconciliations
February 26, 2013 by Leave a Comment
Although not mandatory for sole traders, it is certainly advisable to have a separate bank account for your business transactions as this allows you much greater control over your finances. By maintaining a separate bank account, you will be able to introduce financial controls, such as bank reconciliations, and be better able to monitor your [...]
